As shown on Weekly chart on the right side of the diagram, oil continued trending upward in the first week of March, surging to an all time high of $106.54 - breaking the upper trend line from May 2006 - on the last day of the month before dropping to close the week at $105.15. The week ended with oil above the upper Bollinger Band. Resistance is at $106.54 and support is at $103.64 which was the midpoint of last weeks candlestick body.  The next support is at $100.09 which was the previous high a month ago. Since crude passed $100.09 two weeks ago, it appears to have set up for a double bottom (12/06/2007 and 1/22/2008). If oil is to complete this pattern, it will reach approximately $115 probably riding the upper Bollinger band up over the next month or two. Now, it must break Friday’s resistance at $106.54.
From a candlestick, the last four weeks are three advancing soldiers plus two which presages more strength.

As shown in the Daily chart on the left, oil continues in a upward channel (shown by the yellow straight lines) and ends up between the Upper Bollinger and the 5 day moving average. The last candlestick was almost a long legged doji with the upper and lower shadows both longer than the body. Resistance is $105.97 and $106.54. Support is at $103.91 to $103.95. Next support is at $102.49.